The house would need to sale for around $200-$205 to break even and I believe with proper rehab this property is worth well more than that.

Usually, it's no big deal if you set the expectations properly.

I guess my question was is it more feasible to either buy the first house all cash (where the cash out refinance would be the first and only loan, and the cash pulled out would go toward purchasing the second properly all cash, and so on).

I merely stated the obvious about proper business practices regarding dealing with tenants. 

The house wasn't properly maintained.

Tenants and mold don't mix and you don't want to wind up in trouble for not properly dealing with it.

As a fellow investor, I would suggest you do proper research about the area and look at the comps before investing.

Hi all, I have done a couple posts, but wanted to make a proper introduction.I am new to real estate investing, but have always been interested since reading "Rich Dad Poor Dad"a few years ago.

Hi @Ian Ramos, as other members have said above, "it depends".However, I feel like you want to hear a number, so try $100K.That won't do in Toronto proper, but if you're willing to drive to other parts of the GTA, you can get your foot in the door with $100K cash.

Here are few tips on how to avoid this problem on your flips:1) Create a file folder for you flip (both electronically and in paper form), so you get and maintain the proper documents stated below.2)  Draft a summary general contractor (if you are the GC) plan or have your GC prepare a plan on what work will be done before you start it.3) Identify and create a list of all subcontractors that will be used.4)  Identify all materials that will be needed or used for your flip.5) Prepare all lien waivers for all subcontractor and materials either before the process starts (this is ambitious - but is a great idea)  or at the time of paying your subcontractors.  6) Lastly, get all lien waivers to your attorney prior to the actual closing.